[MARITIME HIGHLIGHTS AND INSIGHTS] Maersk and MSC to terminate 2M alliance in 2025

2M alliance will no longer exist after two years as its members, MSC and Maersk have mutually agreed to terminate its partnership in January 2025.

In a joint statement, the chief executive officers of Maersk and MSC, Vincent Clerc and Soren Toft, commented, “MSC and Maersk recognise that much has changed since the two companies signed the 10-year agreement in 2015. Discontinuing the 2M alliance paves the way for both companies to continue to pursue their individual strategies. “

The two companies noticed that the announcement about the termination of the 2M alliance has no immediate impact on the services provided to customers using the 2M trades. 

 

Each company’s customer teams will communicate with their respective clients to support during, and beyond, the phase-out of the 2M alliance,”, said the joint statement.

2M alliance is a container shipping line vessel-sharing agreement (VSA), which was introduced in 2015 by Maersk and MSC and has a minimum term of 10 years with a two-year notice period of termination. 

Cre: Container News

[MARITIME HIGHLIGHTS AND INSIGHTS] China remains an important market for Vietnamese agricultural products

Export of agricultural products to northern neighbor hits $6 billion last year. 

China is still the largest importer of Vietnamese agricultural products and accounts for more than half of all such exports, according to the Director of the Investment and Trade Promotion Center of Ho Chi Minh city (ITPC) Tran The Lu.

Speaking at a conference on June 16 on improving food quality products shipped to China, Mr. Lu said its reopening helps exports of Vietnamese agricultural products recover.

The export of fruit and vegetables to China in the first four months reached $804.6 million, a year-on-year increase of 28 percent and accounting for a market share of 58.6 per cent.

Vietnam currently ranks tenth among countries exporting farm produce to China, with turnover from such shipments exceeding $6 billion last year but accounting for only some 2.6 per cent of China’s total agricultural import value.

Chairman of the 365 Group Dinh Vinh Cuong said experts consider China the largest destination of Vietnamese agricultural products given global inflation, its surging demand, close geographical proximity, and lower logistics costs and risks compared to other markets.

Vietnam officially exports 13 key agricultural products to China.

In order to turn exports into a greater opportunity, Mr. Cuong suggested developing a strategic plan for the industry and building brands and large-scale specialized productions and concentrated farming areas based on market signals.

It is also important to devise logistics strategy and establish agricultural product storage facilities in border localities, he said.

Cre: Vietnam Economics Times